Descartes thinks that if it is not possible to be sure he is awake, then it is not possible to be sure that

What is it that the mind possesses which makes knowledge possible, according to Descartes?

On January 1, 2023 Obama Corporation purchased and placed into service 7-year property costing $100,000. On December 31, 2025 Obama sold the property for $102,000 after having taken $47,525 in depreciation deductions. What amount of the gain should Obama recapture as ordinary income?

Bush LLC purchased a rental house and land during 2025 for $150,000. The purchase price was allocated as follows: $100,000 to the rental house and $50,000 to the land. The property was placed in service on May 22, 2025. Calculate Bush’s maximum depreciation for 2025:Year12345678910111212.461%2.247%2.033%1.819%1.605%1.391%1.177%0.963%0.749%0.535%0.321%0.107%2-392.564%2.564%2.564%2.564%2.564%2.564%2.564%2.564%2.564%2.564%2.564%2.564%400.107%0.321%0.535%0.749%0.963%1.177%1.391%1.605%1.819%2.033%2.247%2.461%

Monroe Inc. purchased furniture (7-year property) on April 20, 2022 with a basis of $20,000 and used the mid-quarter convention. On December 15, 2025 (the fourth year) Monroe disposed of the property. Calculate the maximum depreciation expense for 2025 (ignore §179 and bonus depreciation).Half-Year Convention Year 4: 5-year 11.52%; 7-year 12.49%. Mid-Quarter Convention Quarter 1 Year 4: 5-year 11.01%; 7-year 10.93%. Mid-Quarter Convention Quarter 2 Year 4: 5-year 11.37%; 7-year 11.97%. Mid-Quarter Convention Quarter 3 Year 4: 5-year 12.24%; 7-year 13.02%. Mid-Quarter Convention Quarter 4 Year 4: 5-year 13.68%; 7-year 14.06%

Abraham Company purchased a total of $3,903,700 tangible personal property in 2025. How much of this cost can Abraham expense under §179?

Taylor Company placed in service on May 19, 2025 machinery and equipment (7-year property) with a basis of $3,860,000. Assume that Taylor has sufficient income to avoid any limitations. Calculate the maximum depreciation expense for 2023.Half-Year Convention Year 1: 5-year 20.00%; 7-year 14.29%. Mid-Quarter Convention Quarter 1 Year 1: 5-year 35.00%; 7-year 25.00%. Mid-Quarter Convention Quarter 2 Year 1: 5-year 25.00%; 7-year 17.85%. Mid-Quarter Convention Quarter 3 Year 1: 5-year 15.00%; 7-year 10.71%. Mid-Quarter Convention Quarter 4 Year 1: 5-year 5.00%; 7-year 3.57%

Lincoln Corporation reported the following items of income and expenses for 2023:  Gross income – $600,000; Dividend income from a 30% owned corporation – $100,000; Operating expenses – $400,000.  What is Lincoln’s taxable income for 2023?

In 2025 Kennedy Inc. reported a net capital loss of $30,000. It reported net capital gains of $14,000 in 2024 and $27,000 in 2026. What is the amount and nature of the book-tax difference in 2026 related to the net capital carryover?

James and Dolley form Madison Corporation.  James transfers land (FMV $20,000; A/B $18,000) in exchange for 50% of the Madison Corporation stock.  Dolley transfers equipment that originally cost $28,000 on which she has taken $5,000 in depreciation deductions.  The equipment has a FMV of $25,000.  Dolley receives 50% of the Madison Corporation stock and a $5,000 short-term note receivable.  Which statement below is correct?